Taiwan shares remain above 11,100 points

Taipei, Jan. 31 (CNA) Shares in Taiwan closed higher Wednesday, remaining above 11,100 points on the back of gains of large-cap stocks in both the electronic and financial sectors.

The weighted index on the Taiwan Stock Exchange closed up 27.01 points, or 0.24 percent, at 11,103.79, after moving between 11,007.89 and 11,158.29. Turnover totaled NT$132.916 billion (US$4.54 billion).

The market opened down 22.42 points at 11,054.36, with selling sparked by a lower Wall Street. However, buying, which initially focused on contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), emerged and spread to financial shares, helping lift the market into positive territory in late trading.

After the main board hit a new 28-year high of 11,270 last week, it has experienced losses for five sessions, analysts said, adding that the main index had approached the 11,000-point mark Wednesday.

The market is expected to regain its uptrend if the main index moves above between the five-day moving average of 11,150 and the 10-day moving average of 11,160, analysts said.

With foreign investors remaining bullish about the local bourse, foreign capital is expected to continue flowing into the market before there are signs that the U.S. dollar index will rise, the analysts added.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$2.508 billion-worth of shares on the main board Wednesday.